Morning MoneyBeat Asia: Bulls Get Back to Rally After One-Day Lull

Market Snap: At the New York close: S&P 500 up 0.3% at 1752.07. DJIA up 0.6% at 15509.21. Nasdaq Comp up 0.6% at 3928.96. Treasury yields rose; 10-year at 2.52%. Nymex crude oil up 0.3% at $97.11. Gold up 1.2% at $1,350.20/ounce.

How We Got Here: Just buy the dips.

After Wednesday’s little dip, the bulls came right back on Thursday, seizing upon that better-than-expected Chinese PMI report to turn the market around. Solid earnings reports from Ford and 3M added to the peppy mood, even if they didn’t do much for those companies’ particular stocks. The mood bled into the commodities and bond markets as well, lifting risk assets, oil, and lower safe havens like the 10-year Treasury note.

The really interesting news, though, came after the bell. Twitter released pricing information for its IPO: shares at $17-$20 apiece, with a valuation around $11 billion. Microsoft reported earnings jumped 17%, and Amazon – a big momentum stock with a wild PE – reported its third loss in the past year.

Coming Up: China’s money market rates are back on investors’ radars after rates Thursday spiked to their highest level since June, fanning fears of another sudden liquidity crunch. Investors haven’t taken the situation lightly, selling down stocks in Hong Kong and Shanghai for a third day on Thursday, although few expect policy makers to allow another crisis.

While such an increase “is not negligible,” said Steve Wang, chief China economist at Reorient Financial Markets in Hong Kong, it does bear similarities to prior month-end activity. “The backup in China’s short-term rates on Wednesday is not reliable evidence for the China tightening argument,” Wang added.

Indian Banks Head Out to the CountryIndia’s largest private-sector banks are ramping up their rural networks, building hundreds of backwater branches as a slowing Indian economy squeezes business in the cities.

China Bond Yields SoarYields on Chinese government bonds have risen to their highest level in nearly six years, as a confluence of factors makes investors more demanding, analysts say.

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